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Retail park up for sale with a £27.4m price tag

By Margaret Canning

Published 26/10/2010

Northern Ireland’s biggest property company has put a major retail park in Co Antrim on the market with an asking price of £27.4m.

If a buyer is found for Braidwater Retail Park in Ballymena by the end of this year, it will be Corbo’s fourth sale in six months.

The retail park on Larne Road Link include a Sainsbury’s food store with 25 years unexpired lease.

Other tenants are Curry’s, Carpetright, B&M, Poundstretcher, Harveys and Dreams.

Total rental income from the park is £1.7m with Sainsbury’s bringing in £900,000.

Osborne King is acting as agents in the sale and their brochure emphasised the attractiveness of Ballymena as a shopping destination.

The 10 acre site has a retail terrace seven units and parking for 560 cars.

The vacant unit has a mezzanine planning consent.

Corbo, whose chairman is Sam Morrison, recently sold Damolly Retail Park in Newry to Metric Property Investments for £28m. Shortly afterwards it announced the sale of 48 to 54 Donegall Place, occupied by Marks & Spencer, to CBRE Investors for £8.75m. That sale was followed up with the disposal of Longwood Retail Park in Newtownabbey for £48m to Scottish Widows Investment Partnership on behalf of Scottish Widows Unit Fund. Osborne King acted for Corbo in all three.

Corbo chief executive Stephen Fitzpatrick has said the company has sold assets in order to accumulate a “war chest” for purchases across Britain.

Osborne King investment director Andrew Coggins said the last three investments were “extremely significant transactions within the context of the Northern Ireland market and demonstrate clearly that institutional investors are keen to place funds at pricing levels comparable to other UK cities”.

Meanwhile, Osborne King is also acting in the sales of Laharna Retail Park in Strabane, which has an asking price of £6.1m, and Strabane Retail Park, costing £3.8m.

Both retail parks belonged to Jermon Developments before parts of the company were put into receivership by Anglo Irish Bank.

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